Nigerian crude oil prices have dropped significantly amid reports that Iran is ready to negotiate a nuclear deal with U.S. President Donald Trump, settling at approximately $68.34 on Tuesday – well below the Federal Government’s budget benchmark for 2025.
The bearish outlook intensified as Brent oil futures for June delivery fell to $65 per barrel, while West Texas Intermediate (WTI) crude futures dropped 1.7% to $61.62 per barrel in Thursday’s Asian trading session. This decline ended a four-day rally that had previously driven prices to a two-week high.
Ali Shamkhani, a senior adviser to Ayatollah Ali Khamenei, indicated Iran’s willingness to sign a nuclear agreement provided all economic sanctions are lifted, creating further market uncertainty despite American officials describing recent negotiation rounds as yielding positive results.
Against this challenging backdrop, Nigeria’s newest oil blend, Obodo crude, has made its export debut, with Conoil Producing Limited receiving commendation from Nigerian Upstream Petroleum Regulatory Commission Chief Executive Gbenga Komolafe for the successful shipment, strengthening the country’s export portfolio despite market pressures.
Source: nairametrics.com
